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Those planning to take the Chartered Financial Analyst (CFA) exam but are deterred by the high cost can now take it at a much lower cost, thanks to the CFA Philippines Scholarship Program.

What is the CFA Exam?

The Chartered Financial Analyst (CFA) is an international professional designation offered by the CFA Institute to financial analysts who complete Levels I, II and III of the exam. To officially become a CFA Charterholder, candidates must pass all three exams, possess a bachelor’s degree (or equivalent, as assessed by the CFA institute) and have 48 months of work experience in an investment decision-making position.

What are the three CFA exams?

Level I is composed of multiple choice questions and is offered in June and December of every year. It includes 240 total multiple choice questions: 120 on the morning session and 120 on the afternoon session of the exam. Each multiple choice question is not dependent on other questions and has three possible answers: A, B, and C.

Level II is composed of item sets and is offered in June only. It consists of 20 item sets or mini-cases: 10 on the morning session and 10 on the afternoon session of the exam. Each item set has 6 questions, for a total of 120 questions.

Level III is composed of  essay questions and item set and is offered in June only. The essay exam is given in the morning session and has a maximum score of 180 points. The essay exam typically has 10-15 questions, and questions may have multiple parts. The points for each question and each question part are given in the exam. In the afternoon, the item set exam is administered, with a maximum score of 180 points.

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How much does the CFA Exam cost?

For the December 2010 Level I CFA Exam, the cost is US$1,110 (Program enrollment of $400 for new candidates plus the $710 exam registration) if you pay on or before August 24, 2010.

Afterwards until September 15, the exam cost is US$1,435 ($480 Program enrollment plus $955 exam registration).

What are the benefits of the CFA Exam Scholarship?

The scholarship waives the registration fee and discounts the normal enrollment fee for all three levels of the exam. Recipients recipients pay only a non-refundable, non- transferable fee of $220.

Who are eligible for the CFA Exam Scholarship?

All December 2010 Level 1 Exam candidates in the Philippines can apply for the CFA scholarship. Undergraduate students must graduate before the exam date to be eligible for the scholarship. The criteria are financial need, scholastic grades, and work experience (or possible career) in the investment industry.

How to apply?

Download and fill out this application form, attach your resume, Income Tax Return (ITR), and Transcript of Records and submit on or before 12 noon of July 5, 2010 to the contact person mentioned in the form.

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